Russia’s Ministry of Energy confirmed a 500,000 bpd cut in oil supply to markets, reducing exports in August. It has been reported TASS.
“Russia confirmed in August that it will reduce the supply to oil markets by 500,000 barrels per day by reducing exports. This means taking all necessary measures to achieve this goal as part of the voluntary reduction.
Prior to this, the oil and gas revenues of the Russian federal budget in January-June were determined. fallen almost doubled – to 3.382 trillion rubles, increasing by 47% year-on-year. The agency explained that revenues from oil and gas exports fell by a high base last year and the cost of Russian Ural oil fell. In addition, the decrease in natural gas export volume affected the dynamics of the indicator. At the same time, in the first half of the year, non-oil and gas budget revenues increased by 17.9% year on year, reaching 8,999 trillion rubles.
Previously recognizedWhen oil prices drop to $50 a barrel.